Polymarket, a popular crypto betting platform, has surpassed $1 billion in lifetime betting volume, driven largely by speculation on the upcoming US presidential election. More than one-third of this volume was traded in July alone, reflecting the heightened interest in political outcomes.
Surge in Betting Volume
According to Dune Analytics, Polymarket’s betting volume soared to $343 million as of July 30, up from $111 million in June and $63 million in May. This increase has been largely fueled by wagers on the US presidential race, with a total of $429 million placed on who will win the election on November 4. Donald Trump leads the odds with a 60% chance, while Vice President Kamala Harris has seen her odds rise to 38% following Joe Biden’s unexpected withdrawal from the race.
Expanded Markets and Recent Developments
While Polymarket has primarily been a platform for political betting, it also features prediction markets for cryptocurrency trends, sports, business events, and the 2024 Olympic Games. The platform recently closed a $70 million Series B funding round led by Peter Thiel’s Founder Fund, with contributions from Ethereum co-founder Vitalik Buterin.
On July 24, Polymarket partnered with MoonPay to enable debit and credit card payments, simplifying the onboarding process for users outside the crypto space. Additionally, the platform appointed election analyst and statistician Nate Silver as an adviser on July 16, further solidifying its focus on US political events.
Despite its focus on US-based events, Polymarket remains unavailable to American users, likely due to regulatory constraints.
